3 of 10: Your goal is to have an emergency fund equal to 3 months living expenses. Your living expenses are $700 a month. Your take-home pay per month is $1,100, and you plan to put 10% toward your emergency fund each month. How long will it take you to reach your goal

1.6 years

Explanation:

If monthly expenses are 700, An emergency fund equal three times monthly expenses will be $700 x 3 = $2100.

The monthly take-home is 1,100; 10 % of take-home will be savings.

=10/100 x 1100

=0.1 x 1100

=$110

very month savings will be $110

Desired savings are $2100

the time it will take to reach the desired savings

=$2100/$110

=19.09090 months

Time in years $ 19.09090/12

1.59090 years

=1.6 years